“We announced pricing before the reopening of order banks so that our reservation holders can make an informed decision about ordering a Lightning,” said Marin Gjaja, chief customer officer of Ford’s electric vehicle division. , known as the Model e, in a statement.
Other automakers have also hiked the prices of their electric cars. Tesla has hiked the price of its Model 3 and Model Y by thousands of dollars in recent months, with cars now starting around $47,000 and $66,000.
All car prices, including conventional gasoline models, have risen due to a shortage of computer chips that has prevented automakers from producing as many vehicles as consumers want to buy. The price of electric vehicles has also increased as the supply of materials needed to manufacture batteries has not kept up with the rapid growth in demand. Commodity costs were also affected by the disruption caused by the coronavirus pandemic and Russia’s war in Ukraine. Ford executives said in July that the company expected materials costs to rise by about $4 billion this year.
The climate and healthcare bill known as the Cut Inflation Act making its way through Congress could help make electric vehicles more affordable by offering buyers tax credits. But many current models like the F-150 Lightning might not qualify because the bill requires that a certain percentage of a car’s battery be made in North America with materials from allies. The percentage would need to increase each year for cars to continue to benefit from the tax relief.